UPDATE: Roth Capital Starts Envirotech Vehicles (ADOM) at Buy (correction)
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Roth Capital analyst Craig Irwin initiates coverage on Envirotech Vehicles (OTC: ADOM) with a Buy rating and a price target of $0.70.
The analyst comments "Initiating coverage on shares of Envirotech Vehicles, Inc. (EVTV) at Buy with a $0.70 target. Following the transformational acquisition of Envirotech Drive Systems in March 2021, EVTV (formerly Adomani) offers four Class IV commercial electric trucks. We believe the company's outsourced manufacturing approach allows a low cost versus peers, where ROIs are attractive even without subsidy financing. Our model reflects 80 truck delivered in 2021, mostly in 4Q21, when EVTV starts taking material deliveries of its 200-unit production order"
Shares of Adomani closed at $0.27 yesterday.
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